North East Property Forum Meeting - June 2009

AN estate agent has called for homebuilders to focus on cheap-to-buy terraced housing to stimulate the property market.

Russell Hartshorn told the latest meeting of The Northern Echos Property Forum that affordable housing stock was needed for first-time buyers.

The meeting, which was attended by representatives from across the region, was cautiously optimistic, with the feeling that the market had hit its lowest point.

However, Mr Hartshorn, proprietor of Northgate Estate Agents, in Darlington, said more input was needed to help the bottom end of the market.

He said: If the lower end of the market starts moving, then, hopefully, the top end will follow.

It would make sense to introduce new affordable property for first-time buyers.

He suggested that small terraced houses, priced at a cheaper level than equivalent sized new housing or existing terraces, would be the best option. They would provide a more attractive option to flats because homeowners would also have a garden or yard and own their own leasehold, he added.

Julie Walkin, of regionwide Nick Carver Estate Agents, said: We have always been a nation that wants to own its own property.

I feel we will get a more European market and people wont buy but will rent instead.

I think younger generations might just rent.

The table of representatives was asked if the market had shown signs of starting to pick up.

Delegates said that people had to value homes at sensible prices for the market to continue to show early signs of recovery.

Ms Walkin added her firm had taken on two new staff because of the upturn in the housing market.

Many firms present added that sales were higher than the same period last year.

However, Jamie Cameron, of Stanton Mortimer, said the country needed the feel-good factor to return.

He said: We have a turgid Government. We need the feel-good factor to return and then things will get going.

When there is a change in the country and a change in the Government and it doesnt matter who comes along, we just need a change then things will get moving.

It will get confidence going.

John Ward, of Darlington Building Society, said there was finance available for people wanting mortgages, but it was less attractive than before.

The forum was chaired by Tim Haggie, of Latimer Hinks. Other represented firms included Smith Gore, McOwan and Co, GVA Grimley, JW Wood and Shepherd Construction.

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